Heterogeneity Of TMT?corporate Social Responsibility Disclosure And Financial Performance

The traditional idea thinks that social responsibility will increase the cost of enterprises,harm the economic efficiency.But with the deepening of research scholars,with the deterioration of the environment as well as social contradictions,more and more enterprises begin to realize that,social responsibility is not only the demand of the society,is also an effective way of shaping the corporate image?expanding enterprise influence,getting social support and developing the competitiveness of enterprises.At the same time,after the events experienced economic crisis,industrial transformation and upgrading of various markets,companies begin to realize the importance of human resources,especially the inseparable relationship between the construction and the development of the enterprise's senior management team.Therefore,this article will search the relationship among TMT heterogeneity,corporate social responsibility disclosure and financial performance,in order topromote corporate social responsibility disclosure,to standardize the behavior of corporate social responsibility goals,and to provide evidences and suggestions for the construction of scientific management team strengthen enterprise.This paper systematically analyzes the influence factors and economic consequences of enterprise social responsibility information disclosure,TMT heterogeneity dimensions,research literature on corporate social responsibility information disclosure,between TMT heterogeneity and the financial performance of the relationship between the three aspects,the information asymmetry theory,higher order theory,social capital theory,information theory information and decision theory,with 2012-2014 for three consecutive years of corporate social responsibility information disclosure A A-share listed companies as research samples,the 465 groups to determine the effective observation value,heterogeneity between TMT from age,gender,tenure,education level,professional background and the six dimensions of social capital,using the method the normative research and empirical research combined with the construction of the top management team heterogeneity,social responsibility information disclosure and financial performance.The theoretical model of social responsibility information,through the influence,the multiple regression analysis method empirical test of TMT heterogeneity on corporate social responsibility information disclosure and financial performance of the enterprise,the effect of disclosure on financial performance of corporate social responsibility information disclosure regulation effect between TMT heterogeneity and financial performance.The study found that:(1)have a significant positive effect of TMT age,level of education and academic background heterogeneity on corporate social responsibility information disclosure level;(2)executive team tenure,education level and academic background heterogeneity has a significant positive effect on financial performance;(3)the level of corporate social responsibility information disclosure has a positive effect on the financial performance,and to enhance the TMT heterogeneity positive impact on financial performance,play a regulatory role;(4)the initiative of corporate social responsibility information disclosure,the positive effect of gender and its executive team tenure heterogeneity on enterprise financial performance is more intense.